Other People's Money And How The Banks Use It by Louis Brandeis

Author:Louis Brandeis [Brandeis, Louis]
Language: eng
Format: epub
Publisher: Editions Artisan Devereaux, LLC
Published: 0101-01-01T00:00:00+00:00

Neither do states or cities ordinarily need the services of the investment banker to carry their bonds pending distribution to the investor. Where there is immediate need for large funds, states and cities — at least the older communities — should be able to raise the money temporarily, quite as well as the bankers do now, while awaiting distribution of their bonds to the investor.

Bankers carry the bonds with other people's money, not with their own.

Why should not cities get the temporary use of other people's money as well?

Bankers have the preferential use of the deposits in the banks, often because they control the banks. Free these institutions from banker-control, and no applicant to borrow the people's money will be received with greater favor than our large cities.

Boston, with its $1,500,000,000 of assessed valuation and $78,033,128 net debt, is certainly as good a risk as even Lee, Higginson & Co. or Kidder, Peabody & Co.

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